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Further bear steepening since the cash open

BUNDS

Early bid in Equity futures, keep Bunds better offered on the margin.

  • The contract has recovered from the decent sell off yesterday, driven by the risk on tone on the more positive growth outlook, European data and travel set to re-open.
  • The 5/30s curve tested another multi year high (steepest since July 2019), but we are fading somewhat.
  • A lighter session on the data front for today.
  • Few speakers are scheduled, including ECB Villeroy, Fed Daly and Kaplan.
  • SUPPLIES: Austria 2031, 2047 (Equates <9k Bund), shouldn't impact the contract

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